The Registry Conversation Is Changing: Scale, Complexity and New Expectations

Over the past two decades, I’ve seen corporate markets in Australia and New Zealand not just evolve but become fundamentally reshaped. Shifting investor expectations, the increasing scale and complexity of shareholder engagement, and an intensified focus on governance are redefining how issuers operate in today’s environment. 

In parallel, the role of the registry is also being redefined. What once was a periodic, transaction-based function is becoming a continuous, real-time enabler of engagement between companies, investors, and advisers. We are increasingly hearing from clients that they are looking for a partner, not just a service provider.

Supporting over 70% of the ASX 200 and working alongside issuers at every stage of the corporate markets’ lifecycle, at MUFG Corporate Markets, a division of MUFG Pension & Market Services, our breadth of market coverage provides us with direct insight into how market dynamics are playing out.

One of the clearest indicators of the market shift is the rapid expansion of ETFs across Australia and New Zealand. In 2025, more than 70 new funds were admitted to the market, with active strategies accounting for around two-thirds of new launches. This growth is attracting a broader and more engaged retail investor.

This broader move toward retail participation is not limited to ETFs. Across listed markets more generally, annual meetings and proxy voting processes are drawing increased levels of participation and scrutiny, signalling a more engaged and influential investor audience.

Scale, Sophistication and Changing Investor Expectations

Investor engagement is also no longer concentrated around annual meeting cycles. Shareholders now expect frequent and timely communication, faster access to information and seamless digital experiences.

This shift is reflected in the continued rise of electronic engagement. In 2025 online voting participation across our client base reached an average 62.71%, one of the highest levels on record, demonstrating that digital channels are firmly embedded as a preferred mode of interaction for shareholders, regardless of company size or market tier.

At the same time, issuers are navigating sophisticated shareholder structures, higher transaction volumes and increasingly more complex corporate actions across both domestic and international investor bases. Execution quality in these environments is critical, with direct implications for corporate reputation.

These trends are also evident with our recent market activity in managing hundreds of shareholder events and AGMs that have highlighted an increased focus on governance topics such as remuneration, ESG, cyber security and AI.

Operational Resilience in a Higher-Expectation Market

One of the defining characteristics of strong registry operations is the ability to deliver consistently and accurately during periods of heightened market activity.

As registry functions become more sophisticated, particularly during major corporate events or periods of heightened trading activity, the demands placed on systems and operational teams increases significantly.

Resilience today extends well beyond system availability. It encompasses scale, continuity, accuracy and execution confidence across every stage of the process. Delays or processing issues can have immediate and far-reaching implications for investor confidence. In 2025 alone, we managed $AUD 89.3 billion of payments, a figure that continues to grow as the market expands.

This is why operational maturity becomes critical. Supporting an increasingly complex market requires subject matter experts, disciplined governance frameworks and infrastructure capable of delivering consistent outcomes under demanding conditions.

Global Strength in an Increasingly Connected Market

Corporate markets are also becoming more interconnected, with capital, investors and governance frameworks operating across borders.

As international participation continues to grow, issuers are engaging with more diverse shareholder bases, bringing additional complexity in communication, compliance and execution. At the same time, governance expectations are becoming more closely aligned across global markets, particularly in areas such as transparency, security and operational oversight.

Institutional backing and global connectivity are becoming increasingly important considerations. For registry providers it goes beyond geographic presence, it requires sustained investment in technology, operational capability and security aligned to evolving market dynamics to offer greater confidence in long-term delivery.

Providers with long term stability, strong governance foundations and a clear line of sight into global market developments are better positioned to support issuers navigating this complexity with confidence.

The Next Phase of Registry Services

Looking ahead, digital engagement, automation and AI-enabled services will continue to reshape how issuers interact with investors, manage shareholder communications and support governance outcomes.

At the same time, rising investor participation, heightened regulatory oversight and more sophisticated market activity will further increase the importance of operational resilience, execution confidence and trusted market partnerships.

For boards, company secretaries and investor relations teams, this marks a fundamental shift in the registry conversation from transactional service delivery to strategic capability.

As these trends continue to accelerate, the ability to combine scale, resilience and insight will define the next generation of registry providers.

I look forward to continuing this conversation with you as the market evolves.